Daktronics (NASDAQ:DAKT) Announces Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Daktronics (NASDAQ:DAKT) announced its quarterly earnings data on Wednesday. The technology company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.12), FiscalAI reports. Daktronics had a net margin of 0.96% and a return on equity of 15.42%. The business had revenue of $181.87 million during the quarter, compared to the consensus estimate of $181.00 million.

Daktronics Trading Down 12.2%

Shares of DAKT traded down $3.04 during trading hours on Wednesday, reaching $21.84. The stock had a trading volume of 312,533 shares, compared to its average volume of 503,190. The company has a market cap of $1.06 billion, a P/E ratio of 168.01, a P/E/G ratio of 0.78 and a beta of 1.70. Daktronics has a 52 week low of $10.24 and a 52 week high of $28.27. The company has a quick ratio of 1.71, a current ratio of 2.23 and a debt-to-equity ratio of 0.18. The firm has a 50-day moving average of $23.20 and a 200 day moving average of $20.62.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. increased its holdings in shares of Daktronics by 399.2% in the second quarter. Invesco Ltd. now owns 510,243 shares of the technology company’s stock worth $7,715,000 after acquiring an additional 408,037 shares in the last quarter. Boston Partners bought a new position in shares of Daktronics during the 4th quarter valued at about $6,248,000. AQR Capital Management LLC grew its position in shares of Daktronics by 322.5% in the 4th quarter. AQR Capital Management LLC now owns 314,874 shares of the technology company’s stock valued at $6,225,000 after purchasing an additional 240,349 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Daktronics by 533.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 258,320 shares of the technology company’s stock valued at $5,404,000 after purchasing an additional 217,520 shares during the period. Finally, Progeny 3 Inc. increased its stake in Daktronics by 7.3% during the 2nd quarter. Progeny 3 Inc. now owns 2,650,037 shares of the technology company’s stock worth $40,069,000 after purchasing an additional 179,529 shares in the last quarter. 61.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DAKT has been the subject of several recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Daktronics in a research report on Monday, December 29th. Zacks Research cut Daktronics from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 18th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Daktronics currently has a consensus rating of “Hold”.

About Daktronics

Daktronics, Inc (NASDAQ: DAKT) is a leading designer and manufacturer of electronic display systems, video boards, scoreboards and related control systems. Founded in 1968 in Brookings, South Dakota by Al Kurtenbach and Duane Sander, the company has built a reputation for delivering custom visual display solutions to a wide range of markets. Its product portfolio includes large-format LED video displays, programmable message centers, digital billboards, and audio-visual solutions tailored to sports venues, transportation authorities, retail environments and live event producers.

The company’s primary business activities encompass the engineering, fabrication and installation of display systems for customers around the world.